By Adedapo Adesanya

Global multi-currency accounts platform, Raenest, has secured $11 million Series A investment as it plans to expand its cross-border money management for Africans.

The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3 million.

The company will aim to deepen its operations in Nigeria, while also strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year, broadening its impact with Africans within the continent and outside the continent, and also attract top talent to support its growth.

According to a statement shared with Business Post, Raenest is set to expand its reach and strengthen its role in the growing cross-border payments industry, which is projected to reach $320 trillion by 2032.

“Africa remains one of the fastest-growing regions for global transactions. With the backing of global and early-stage investors, Raenest is well-positioned to deliver fast, transparent, and affordable financial tools that simplify cross-border money management.

“By scaling its infrastructure, deepening partnerships with global financial institutions and enhancing its multi-currency offerings, Raenest is enabling more African businesses and individuals to participate fully in the global economy,” the statement added.

Raenest holds licenses in Nigeria as an approved International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB) and is working to secure additional licenses in key jurisdictions.

The company will be banking on its strategic partnerships with leading banks in the US and UK, to ensure operational stability and reliability, and plans to use the funding to form additional collaborations with financial institutions worldwide.

The startup which was founded in 2022 by Mr Victor Alade, Mr Sodruldeen Mustapha, and Mr Richard Oyome, initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly.

The company claims it amassed over 700,000 individual customers, processed over $1 billion in payments, and currently serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

Also, Raenest offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.

Speaking on the announcement, Mr Alade, CEO of Raenest, said: “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides.

“This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”

On his part, Mr Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, added: “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape.

“We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent.”

Adding her bit, Ms Lexi Novitske, General Partner of Norrsken22, “Africa’s gig economy is growing at an impressive 20 per cent year-on-year, yet cross-border payment challenges persist for workers and businesses alike.

“Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy.”

For Mr Kola Aina, Founder and General Partner at Ventures Platform, he emphasised their continued support saying, “As one of Raenest’s earliest backers, we have witnessed their exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector. Raenest’s unwavering commitment to Africa’s gig economy and businesses is evident at every stage of their journey, and we are thrilled to see them continue to scale while staying true to their bold vision.”

By Adedapo Adesanya

Dangote Oil Refinery is on track to achieve full operational capacity within the next 30 days, according to Mr Edwin Devakumar, Dangote Group’s Vice President for Oil and Gas.

The 650,000-barrel-per-day facility, built by Nigerian billionaire, Mr Aliko Dangote, in Lagos, began processing crude into diesel, naphtha, and jet fuel in January 2024 and started refining petrol last September.

Currently operating at 85 per cent capacity, the refinery is poised to scale up.

“We can go 100 per cent in 30 days,” Mr Devakumar stated on Monday.

Despite an agreement with the Nigerian government to purchase crude in Naira from the Nigerian National Petroleum Company (NNPC) Limited, the refinery struggled last year to secure adequate local supply, leading it to import crude.

In response, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the oil regulator, has mandated that local oil producers supply 550,000 barrels per day to the refinery between January and June, warning that export permits would be blocked for producers failing to meet quotas.

Meanwhile, Dangote Refinery is actively exploring global markets for its refined products.

Mr Dangote recently revealed that the refinery had dispatched two cargoes of jet fuel to Saudi Aramco as part of its expansion strategy.

“We are looking at all the markets right now,” Mr Devakumar confirmed.

Despite these developments, the refinery still faces challenges distributing the products at home with local fuel traders and even the NNPC importing refined products.

By Adedapo Adesanya

Three companies trading their shares on the NASD Over-the-Counter (OTC) Securities Exchange contributed to the 0.46 per cent appreciation recorded by the platform on Monday, February 10.

Okitipupa Plc gained N9.33 to close at N102.63 per unit compared with the preceding day’s N93.30 per unit, Central Securities Clearing System (CSCS) Plc went up by 50 Kobo to finish at N24.50 per share versus last Friday’s closing price of N24.00 per share, and Afriland Properties Plc grew by 90 Kobo to end at N17.90 per unit, in contrast to the previous session’s N17.00 per unit.

As a result, the market capitalisation of the bourse rose by N8.38 billion to settle at N1.812 trillion compared with the previous session’s N1.804 trillion and the NASD Unlisted Security Index (NSI) increased by 14.80 points to wrap the session at 3,199.67 points compared with 3,184.87 points recorded at the previous session.

Yesterday, the volume of securities traded by investors went up to 121.8 per cent to 502,112 units from the 226,384 securities recorded in the preceding session, the value of shares transacted by the market participant increased by 53.9 per cent to N14.9 million from N9.7 million, and the number of deals went down by 40.6 per cent to 19 deals from the 32 deals recorded in the preceding trading day.

At the close of trading activities, Impresit Bakolori Plc was the most active stock by value on a year-to-date basis with a turnover of 519.5 million units worth N504.3 million, followed by FrieslandCampina Wamco Nigeria Plc with 6.2 million units valued at N245.0 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

In the same vein, Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with the sale of 519.5 million units worth N504.3 million, trailed by Industrial and General Insurance (IGI) Plc with 42.4 million units sold for N12.9 million, and Geo-Fluids Plc with 9.3 million units valued at N44.8 million.